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Normal rates of tax for individual for assessment year 2016 17

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Dr. Sanjay Sawant Dessai
Dr. Sanjay Sawant Dessai

Income tax rates for individual, senior citizen and super senior citizen for assessment year 2016-17

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Income tax rates for individual for Assessment year 2016-17 1sanjaydessai@gmail.com
Income tax rates for Individual (resident or non-resident) (For Assessment year 2016-17) Income Slab Tax rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 10 percent Rs. 5,00,000 to Rs. 10,00,000 20 percent Above Rs. 10,00,000 30 percent Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less. 2sanjaydessai@gmail.com
For resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year) for assessment year 2016-17 Income Slab Tax rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less. 3sanjaydessai@gmail.com
In case of a resident super senior citizen (who is 80 years or more at any time during the previous year) Assessment year 2016-17 Up to Rs. 5,00,000 Nil Rs. 5,00,000 to Rs. 10,00,000 20 Above Rs. 10,00,000 30 Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % 4sanjaydessai@gmail.com

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Normal rates of tax for individual for assessment year 2016 17

  • 1. Income tax rates for individual for Assessment year 2016-17 1sanjaydessai@gmail.com
  • 2. Income tax rates for Individual (resident or non-resident) (For Assessment year 2016-17) Income Slab Tax rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 10 percent Rs. 5,00,000 to Rs. 10,00,000 20 percent Above Rs. 10,00,000 30 percent Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less. 2sanjaydessai@gmail.com
  • 3. For resident senior citizen (who is 60 years or more at any time during the previous year but less than 80 years on the last day of the previous year) for assessment year 2016-17 Income Slab Tax rate Up to Rs. 3,00,000 Nil Rs. 3,00,000 to Rs. 5,00,000 10% Rs. 5,00,000 to Rs. 10,00,000 20% Above Rs. 10,00,000 30% Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % Rebate under Section 87A: The rebate is available to a resident individual if his total income does not exceed Rs. 5,00,000. The amount of rebate shall be 100% of income-tax or Rs. 2,000, whichever is less. 3sanjaydessai@gmail.com
  • 4. In case of a resident super senior citizen (who is 80 years or more at any time during the previous year) Assessment year 2016-17 Up to Rs. 5,00,000 Nil Rs. 5,00,000 to Rs. 10,00,000 20 Above Rs. 10,00,000 30 Surcharge: where total income exceeds one crore rupees. 12 % Education Cess: 3 % 4sanjaydessai@gmail.com